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The Obama Administration announced the Making Home Affordable program (MHA), to help homeowners reduce their mortgage payment and prevent foreclosure.

Mortgage (Home Affordable) Modification Plan (HAMP) - Homeowner Stability Initiative

The mortgage modification plan will help homeowners that are struggling to make their mortgage payments either because of a change in their situation (e.g. loss of income), or because the terms of their mortgages called for much higher monthly payments after an introductory period, as it was rather common in the sub-prime mortgage market.

The government later introduced the home Affordable Foreclosure Alternatives (HAFA) Program to complement the Home Affordable Modification Program (HAMP) by providing financial incentives to servicers, borrowers (home Owners) and investors to go forward with short sales or a deed-in-lieu, according to a Treasury announcement.

To find information on the internet do a search for HAMP Program, HAFA Program and MHA Program.

If you or someone you know is struggling making your house payments, help is available. Please contact me at Susan@SusanCompagner.com and we can discuss your options.